China July export growth ahead of forecasts, seen slower later in yr – StanChart

China’s export growth held up in July but it is likely to slow as the year unfolds, as demand from the US and Europe eases, Standard Chartered said.

The General Administration of Customs announced today that the trade surplus was 25.28 bln usd in July, as exports rose 26.9 pct year-on-year to 136.68 bln usd, and imports were up 33.7 pct at 111.40 bln.

The trade surplus was about five bln usd larger than expected, Standard Chartered economist Stephen Green said.

‘Though we expect a continued deterioration as the year goes on, as American and European consumers stay at home, the resilience of demand for China’s exports is still remarkable,’ Green said.

He added that this strength is partly due to cheap prices, but it is probably more down to demand for non-processed exports being sold to emerging markets.

Continued import growth also shows domestic demand is not collapsing, Green said.

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